Celcius Logistics on April 10 announced that it has raised Rs 100 crore in a Series A funding round led by IvyCap Ventures. The cold chain marketplace said in a statement that it will use the money for tech innovations to solve fragmented supply chains and reduce waste.
Earlier, the company raised Rs 35 crore from investors including Mumbai Angels, Supply Chain Labs, Endurance Capital, VCats, Huddle, and Eaglewings Ventures (EVAN).
Celcius is an asset-light platform with more than 4,500 reefer vehicles, 107 cold storage facilities, seven distribution centres, and 150 hyperlocal riders in over 350 cities.
The Celcius platform offers end-to-end cold chain solutions, including transport, warehousing, last mile and hyperlocal delivery for all stakeholders.
As a cold supply chain management solution, Celcius helps users explore, book, monitor, and receive real-time cold chain updates and analytics.
Celcius Founder and CEO Swarup Bose said, “We have recently launched smart solutions catering to the specific needs of last-mile deliveries and hyperlocal cold-chain transportation. Having raised more funds, we aim to further expand our operations and build a seamless, and truly unbroken cold supply chain, ensuring food security for all.”
According to recent reports, the Indian cold-chain system suffers from numerous inefficiencies, including sectors such as food and pharmacy. Currently, food losses in the cold chain amount to $14 billion yearly, and vaccine losses amount to about 29 percent due to damage and temperature variations during transit.
The technology solutions Celcius uses have been catering to the challenges of all stakeholders such as manufacturers, small transport companies, and consumers.
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures Pvt Ltd, said, “We are glad to have partnered with Celcius Logistics, which is revolutionizing the cold supply chain sector, with its innovative approach. Given its focus and the expertise of the team, we are confident that Celcius will emerge as the leading brand in this space.”
Tej Kapoor, Managing Partner, IvyCap Ventures will be joining the board of Celcius on behalf of IvyCap Ventures.
With a growth of 20 times in the past year, Celcius’ clientele include Zepto, Zomato, Maersk, Prabhat Dairy, Baskin Robbins, Vadilal, Domino’s, Keventers, and Godrej Agrovet.
Celcius has transported over 1,25,000 tons of perishable cargo for sectors like dairy, fresh agricultural produce, pharma, fruits, seafood, and vaccines. The start-up has also ventured across the border to enable the export and import of products like exotic fruits and seafood.
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